Senate Democrats Unveil Balanced Budget Amendment

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The debt limit bill signed by President Barack Obama today requires a vote on a balanced budget amendment to the Constitution in both chambers of Congress by year's end.

Moderate Sen. Mark Udall (D-CO) is introducing a measure that would exempt Social Security from the amendment and prohibit tax breaks on those earning over $250,000 a year unless the budget is already balanced.

The measure is an alternative to the one being pushed by conservative Sen. Mike Lee (R-UT) and other GOP lawmakers, which would cap all federal spending to 18 percent of GDP. It would provide moderate Democrats facing reelection battles the ability to vote for a less extreme balanced budget amendment, saving them from a politically compromising vote.

Neither measure is expected to become law — with two-thirds majorities in both houses required to send the amendment to the states, of which three-fourths must vote to ratify.